Financial Services Ireland

IASB begins re-deliberation of amendments to IFRS 17

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IASB begins re-deliberation of amendments to IFRS 17

At its December Board meeting, the International Accounting Standards Board (IASB or the Board) started re-deliberations on the proposed amendments in the Exposure Draft Amendments to IFRS 17 Insurance Contracts (the ED), in line with the plan outlined in its November meeting. Download our latest Insurance Accounting Alert below for full details.

The Board:

  • Agreed to extend the scope of the proposed amendment for ‘reinsurance contracts held – recovery of losses’ to all reinsurance contracts held (the previous proposal applied to proportionate reinsurance contracts only)
  • Confirmed the proposed amendment on ‘expected recovery of insurance acquisition cash flows as proposed in the ED
  • Agreed to finalise six other proposed amendments in the ED to which respondents to the ED either agreed or did not raise concerns the Board had not previously considered
  • Noted the IASB staff’s expectation for the Board to consider the proposed effective date of IFRS 17 and the proposed extension of the IFRS 9 temporary exemption towards the end of its re-deliberations.

Explore our previous alert here and if you have any questions, please reach out!

Ciara McKenna

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